When will I receive the second cost of living tax credits payment? Date £324 will start being paid this week
When will I receive the second cost of living tax credits payment?
Final payments are sent in two stages, with the majority of applicants – those who receive low-income benefits like Universal Credit – included in the initial deployment.
According Government guidelinesit started on tuesday november 8, and turn to Wednesday, November 23, 2022. This initial deployment period covers applicants who receive:
- Universal Credit
- Income-Based JSA
- Income-related AES
- Income support
- Pension credit
The DWP said some of those claimants could be paid after Nov. 23, but only in “a small minority of complex circumstances.”
For people who are only eligible through tax credits, the second phase of payment must take place between Wednesday, November 23 and Wednesday, November 30.
Applicants who receive both HMRC tax credits and DWP low-income benefits will only be included in the initial rollout of the second payment.
The first installments were also staggered, with both groups receiving the grant in the same order.
For people on low-income benefits, the first £650 payment started automatically landing in bank accounts from Thursday July 14 From.
Those eligible solely through tax credits received their first payments between Friday 2 and Wednesday 7 September.
If you are eligible for payment you don’t need to apply – the £650 should be submitted to you automatically and should appear in your bank account with the code “DWP COL” or similar.
The grant is tax-free for all eligible groups, does not affect the benefit cap, and will not affect existing benefit allocations.
What is the new £900 cost of living payment?
The payment is expected to apply across the UK for people on means-tested benefits. This includes all households receiving the following benefits:
- universal credit
- income-based jobseeker’s allowance
- income-related employment and support allowance
- income support
- pension credit
- work tax credit
- child tax credit
Payments will again be made in installments. The Department for Work and Pensions (DWP) and HMRC said they would provide more details on the timing of these payments and eligibility dates in due course.
This payment will once again be non-taxable, will not count against the benefit cap, and will not impact any existing benefit allocations.